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UK Ports Group Accepts Takeover Bid From Dubai Ports World

by Robin Pilgrim, LawAndTax-News.com, London

30 November 2005


It emerged this week that ports and ferries group, P&O has accepted a takeover bid from Dubai Ports World.

P&O had not been seeking a takeover, but the GBP3.3 billion (or 443 pence per share) offer proved too attractive to resist.

According to Dubai government-owned DP World, P&O will be run as a separate business, meaning that there are unlikely to be any job cuts at the firm, formerly the world's fourth largest ports group.

Speaking to the BBC with regard to the proposed merger, P&O chairman, Sir John Parker announced that:

"Putting P&O and DP World together will create one of the top three leading ports groups in the world."


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